Real Estate Math
A home was purchased for $320,000 and sold 3 years later for $389,600. What was the total percentage appreciation over the 3 years?
A17.8%
B21.75%✓ Correct
C7.25%
D15.3%
Explanation
Appreciation % = (Sale Price − Purchase Price) ÷ Purchase Price = ($389,600 − $320,000) ÷ $320,000 = $69,600 ÷ $320,000 = 0.2175 = 21.75% total appreciation.
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